U.K. Mining Firm to Greatly Expand Number of Mining Computers

Founded in 2017, Argo Blockchain plc is a leading London-based cryptocurrency mining company. They mine a wide array of cryptocurrencies including Bitcoin, Ethereum, & Ethereum Classic to name a few. Argo Blockchain are notably traded on the London Stock Exchange (LSE:ARB) and holds over £3mln in various crypto assets.

As part of their mission to become the world's largest and most efficient crypto mining company, they have unveiled some hardware updates.

Argo Blockchain's Hardware Upgrade

It has been announced by Argo Blockchain yesterday that they have successfully installed 500 of Bitmain's new Antminer T17's. This move brought the total number of operational mining machines up to 6,500.In addition to this Argo have unveiled that an order of 10,500 additional Antminer mining machines. 10,000 Antminer T17s and 500 Antminer S17s.

Argo is anticipated to receive their order in batches, starting December 2019. In total, Argo mining operation will grow to a total of 17,000 mining machines which should increase their capacity by 240%.

The Executive Chairman of Argo, Mike Edwards said: "This amended order represents another significant expansion of our mining infrastructure to become the world's biggest publicly listed cryptominer. Moving from the S17 to the T17 increases our mining output considerably. Our strong balance sheet and cash flow means we can continue to invest to take advantage of favourable industry conditions and position Argo for long-term growth and value creation."

Argo Blockchain already had an impressive revenue report for the 3rd quarter of 2019. Seeing their investment in new hardware, one can assume that 2020 Will be a good year for Argo. The one catch is that Argo's success depends on the value of Bitcoin.

Get latest news delivered daily!

Categories

Information

Disclaimer

Crypto Markets News provides an information-only service, and does not advise on trading risks, on the merits of any particular purchase of cryptographic tokens or its tax or legal consequences. Opinions found on Crypto Markets News are those of writers quoted. In making the information on Crypto Markets News available, neither Miriam Holdings Ltd. nor anyone on its behalf give any advice or make any recommendation on whether to buy, sell, hold or otherwise deal in any investments including any cryptographic tokens. Any person, at any time, acquiring or contemplating to acquire cryptographic tokens or any other asset for investment, must do so only on the basis of such person’s own judgement of the merits or the suitability of such acquiring for such person’s purpose, and only based on such person’s own independent research, after having taken all such professional and other advice as such person considers necessary or appropriate in the circumstances, and not in reliance on the information contained on Crypto Markets News. To the best of our knowledge, the services provided on Crypto Market News do not require any specific licenses or governmental authority. Any additional services which may be integrated on the website, as well as new regulation or changes in government policies, may be restricted and subject to licensing or other permits.